Weekend Links 27-28 May, 2017

Surrealist Landscape, Peter Purves Smith, 1938, National Gallery of Victoria

 

China

 

Asia

 

Europe

 

United Kingdom

 

United States

 

Americas

 

Terra Specufestorus

 

Commodities

 

Capital Markets

 

Global Macro

 

…and furthermore…

Comments

  1. GunnamattaMEMBER

    thaumaturge

    All My Ghosts – Frank Black and the Catholics
    https://youtu.be/sU0tosD-4OI

    Adios Sancho – Los Coronas
    https://youtu.be/M7byoOrUxAk

    Blackbird – Fat Freddy’s Drop
    https://youtu.be/aVN4IyBXCWo

    Feels Like We Only Go Backwards – Tame Impala
    https://youtu.be/wycjnCCgUes

    Only For You – Heartless Bastards
    https://youtu.be/F8wqmh3KybI

    Luther Played Guitar – Stan Ridgway
    https://youtu.be/Vvw_fR8_NOQ

    Man of Stone – Stan Ridgway
    https://youtu.be/kGgRnr7lqdQ

    Bonnie and Clyde – Mick Harvey
    https://youtu.be/kqD2N-VTasw

    Sea Of Love – The National
    https://youtu.be/yIWmRbHDhGw

      • Phew…. that was a close call gunna… thank dawg for a ctl-alt-del macro key on my gaming keyboard…

        The Heimatdamisch: Highway to Hell (AC/DC)

        https://www.youtube.com/watch?v=n_gtGfAail4

        Just too further rehabilitate my hearing olfactory I think I will spend the rest of the day in Sergio Mendes & Brasil 66 – Mas que nada (introduced by Eartha Kitt / Something Special 1967) – Tijuana Brass mode….

        disheveled…. when you have the time – The Funk Brothers – Musicians behind the sound of Motown

        https://www.youtube.com/watch?v=M_GnSeuko2o

      • boomengineeringMEMBER

        Hey Skip, worked as a bouncer at the Grange night club (city) and AC/DC played there before they got famous.

      • boomengineeringMEMBER

        Fark That just reminded me also did bouncing sitting on stage for Mick Jagger , Stones in Perth, from shit memory I think it was 1973.

      • Lol boomengineering…. same in L.A. during the early 80s post military, for a few big clubs, one in particular had a bar tender that was ex seal and the other bouncer was a short Asian guy that taught martial arts to the L.A. P.D. and Mexican Police special teams.

        Never forget the night that some big buck with attitude was causing a ruckus on the dance floor and he came flying across the floor and landed a double open palm push to the chest…. he went – flying – like a kite… ahhhh…

        disheveled… Management told him to use more discretion in the future…. ha….

      • boomengineeringMEMBER

        Actually I was a shit bouncer couldn’t fight for shit relied on my muscle size to scare them until 15 Balmain boys surrounded the other bounser and I ran in to save him ended up in hospital for over a week. They wrecked our club and killed a bouncer in Kings Cross
        l learn’t it’s better to be a live coward than a dead hero

      • @boomengineering….

        Sorry to hear about that episode, sounds like a bunch of cowards leveraging numerical superiority to offset their individual weakness. That said I found over 90% of bouncing was about situational awareness / negotiation skills and not busting people up. The predominate issue is girls cracking a fat about something and ginning up the boyfriend or male accompaniment. Under those circumstances its best to separate the genders whilst getting the dope on what occurred and then reconciling the issue. Blokes will come down pretty fast once the petrol is removed from the equation or passive dialogue is engaged without succumbing to aggressive posturing.

        We had a spat of deaths in L.A. around this time which mirror the king hit dramas here in OZ, peoples heads hitting the ground after being knocked out. This was a huge insurance risk and public nightmare for the industry. Everyone in the Biz had to under go specific training to limit the liability and use the best psychology to offset potential loss of life and money.

        disheveled… only had to use force a few times, once to take a gun of a stoopid kid that was out of his depth. Funny thing was after taking it off him and clearing it, found out it was unloaded. Then had the cheek to complain when we did not give it back….. chortle… FFS we could have called the cops.

      • boomengineeringMEMBER

        We had no training but if someone was smashing glasses on the table I would just clean it up without saying anything .It was rumored that patrons had concealed guns here as well This incident was in retribution for me kicking two of them out single handed two weeks earlier. They started the scene by heavily repeatedly punching two girls in the face.. Intensive care for me (head damage only kicking and jumping on it) short term memory loss for life ,left hospital while no one looking.

      • boomengineeringMEMBER

        It was a set up, to hurt a bouncer. Apparently they were just crazies who would fight
        by themselves out numbered or in a group.
        Maybe that time spent instructing and making weights equipment for free at North Sydney Police Boys Club prevented me from becoming a statistic.

      • Sounds like some meth heads, anywho wrt the dain bramage thingy I remember being in the bathroom with a plate in my hand wondering what I was doing there – with it. Lmao I was loading the dishwasher before and poof down the memory hole.

        Luckily I have a mate in the US that is a top psychologist that specializes in CHI working for the Gov, soldiers with past injury’s. Independently wealthy due to his past as a computer engineer, before changing careers, so he does not put up with any BS as his job is not his only source of income thingy. He said quite bluntly that most the crap some bang on about is rubbish and it takes about 4 to 6 years to actually determine how it will all wash on a case by case basis.

        Lots of new information coming out wrt DIA and the brain accelerating from one vector and lag time wrt mass. Seems the nerve pathways become damaged, as well as major tissue, drama being is that its not evident in CT scans and older MRIs. The nerve sheaths actually extrude water like most tissue does when injured, but in such small quantity’s that its not noticeable.

        disheveled… personally found it to be an interesting state, some old doors closed and some new ones opened. Wish I could post a photo of the aluminum channel my head fractured and deformed with blunt force, lol keep working for 4 hours after that, no blood coming out of the 7cm cut to the skull on the back of my head. Chortle.

    • boomengineeringMEMBER

      Skippy,
      No weekend adventure story today (too long)
      Was going to be
      Lihir Island ( near the equator) only a few years ago ,rocked up at Newcrest Mining with surfboard under one arm and speargun in the other wearing a Hawaiian shirt. Started off innocent enough but soon had too many weird incidents ,deaths and extreme situations.

      • Newcrest[???] and its alter ego greenearth…. chortle…

        diseheveled… so glad I never took up heading security back in the day, its one thing being in the military or providing security for regional towns and enjoying the local paradise or go on some swanky holiday in ones off time….. but~~~~

      • boomengineeringMEMBER

        We were to install a sag mill weighing 300 tons empty, the worst of the incidents weren’t work related. 2012 how time flies.

    • Hey Gunnammatta,

      I see you redacted my post with links to BBC interview with former UK ambassador to Syria (where he debunks fake news of Assad gassing anyone)?

      Unconvenient truth?

    • haroldusMEMBER

      Probably the best article I have ever read.

      I think it was Winston Churchill who said “The short words are best, and the old words are the best of all.”

      The cunt.

  2. Ok fckrs, who is going to pick the right numbers – clearance rates:
    Syd: 77%
    Mel:77%
    Anyone else: who cares.

    • Sydney 72% Melbourne 76%. 😀

      Melbourne is higher because prices are still lower and less out of reach to those willing to mega mortgage themselves.

    • I attended this today (about 20 mins ago).
      http://www.realestate.com.au/property-house-nsw-five+dock-125349570

      It went for $1.855M I didn’t know it had 2 property titles though and I suspect it will end up like the 2 townhouses a few doors down.
      https://goo.gl/maps/oR7a1xeRux72

      Be a shame to see the old house get pulled down for another ugly development. Even if in theory is allows for more supply in the area, it just means land values are through the roof for what is otherwise a simple home.

      In my opinion the boom is still on baby! Just ask Reusa he knows best. Fuck the down grades, fuck private debt. Prices can only go up. There not making anymore land baby.

      As a side note, first time I’ve been to an auction in ages. I could tell who was nervous and who was just observing.

    • Actual*
      Sydney: 76%
      Mebourne: 77%

      *Not actually actual; just Domain’s presentation of an alternative reality.

    • Quick LOWER TEH RATES! TO FIX THING!
      https://www.domain.com.au/news/flipped-surry-hills-terrace-passes-in-at-auction-after-full-renovation-20170527-gwegu6/

      First-home buyer Fraser McKay eventually put his hand up with an offer of $1 million for the terrace, which sits on just 49-square metres. It was rejected by Mr Thomas who called for a bid of at least $1.2 million.

      “But no one is bidding,” Mr McKay protested. “Not yet,” replied the auctioneer, before having to place a vendor bid of $1.25 million.

      hahahahahah, first home buyer. What a loser thinking he could win at $1M. Tell him he should move to Tamworth and continue to enjoy smashed avocado.

    • Fucking disgrace, I was recently looking at a property in the Inner West of Melbourne in an old Industrial area which I discovered is contaminated. It’s been through 2 property developers hands and hasn’t been developed yet (since 2006) and it got me curious what was wrong with the property, after reading the full report I discovered Benzene contamination and ground water contamination from an old Diesel tank that was next door and removed around year 2001.

      The total clean up cost would be $200-$250k to do it properly and that’s assuming, assuming there is no other issues discovered once you ripped up the concrete. I think it would be horrible to buy a property and discover that there is serious health risks associated with it and be stuck with the bill for someone else’s negligence.

      I still like the property and would love to take it on, (old factory) but… not when the purchase price is $1M. If it was about half that I’d take the punt… But too risky at that price and it needs a shit TONNE of work done to it. Roof leaks, plumbing is farked etc..and access to the property is restrictive given another place is built in front.

      • 1 cool million for a cancer cluster? – Bargain! Priceless I’d say! Build the next Parliament House on it and it’s almost worth it!

      • And some say there is not enough work out there for a JG or that it steals the thunder from the private sector….

      • The review was led by Macquarie University Professor Mark Taylor who found the EPA failed to make the information public even when the ‘contamination is significant enough to warrant regulation’.

        The NSW Environmental Protection Authority told the review it decided not to declare all contaminated residential sites because it could ‘affect the valuation of a property’.

        However, in a statement released on Saturday, the EPA said human and environmental health were a priority.

        ‘Property value never overrides the EPA’s protection of human health and the environment regarding significantly contaminated sites,’ the EPA said.

        http://www.skynews.com.au/news/national/nsw/2017/05/28/nsw-epa-fail-to-notify-of-contaminated-land.html

        disheveled…. so per commenter Smarts et al market based decisions thingy…. information arb or asymmetry clearly makes such vacuous notions moot.

      • With a name like Smarts it seems there is a lack of.. of course if they are just playing devil’s advocate different story.

        What blew my mind was the Uranium enrichment site in Hunters Hill which now has houses around it and is fenced off with hurricane fencing and green heshen wrapped around it. I wonder if the residents around it know what it is or was? And perhaps why nobody has built on that land?

        Certainly wouldn’t want my kids playing around that site..

      • @Gavin…

        Its basically an almost esoteric belief about taking out the “human agency” ™ in making social decisions via government e.g. the paranoia some ideological camps have about inevitable totalitarianism. Strangely the people and groups that funded this enterprise failed to notice their own theocratic [ Bill Blacks theoclassical ] totalitarianism which fails to acknowledge any failure or incorporate new information [contrary to the cults dicta].

        Just the concentration of wealth into fewer and fewer hands alone and the results of that should be enough to put the fairy tail too bed… but naw… its just that some bastardized the canons true meanings or dark forces have dimmed the light and if we could only follow the true path that magic might happen.

  3. All Hell Breaks Loose In Toronto’s House Price Bubble | Zero Hedge

    http://www.zerohedge.com/news/2017-05-26/all-hell-breaks-loose-torontos-house-price-bubble

    “It’s fear.”

    During the first two weeks in May, according to preliminary data from Toronto Real Estate Board, home listings surged 47% from the same period last year even as sales plunged 16%. The average selling price dropped 3.3% from April – and this, after a 33% year-over-year spike in home prices in March and a 25% surge in April. Something is happening to Toronto’s blistering house price bubble. … read more via hyperlink above …

    Toronto Homeowners Are Suddenly in a Rush to Sell … Bloomberg
    h/t GF

    https://www.bloomberg.com/news/articles/2017-05-24/toronto-bidding-wars-turn-to-homebuyers-remorse-as-market-slows

    Toronto’s hot housing market has entered a new phase: jittery.

    After a double whammy of government intervention and the near-collapse of Home Capital Group Inc., sellers are rushing to list their homes to avoid missing out on the recent price gains. The new dynamic has buyers rethinking purchases and sellers asking why they aren’t attracting the bidding wars their neighbors saw just a few weeks ago in Canada’s largest city. … VIEW & READ more via hyperlink above …

    Posted at … https://www.macrobusiness.com.au/2017/05/another-future-fundie-warns-aussie-housing-bubble/#comment-2876272

    • I hope you followed their advice and invested in those pockets in Adelaide and Brisbane. Also, the Sydney wise guy advice is excellent too so go for it. lol

      • During the real boom Reusa never wasted his time on MB over the weekend; too many IPs to buy. But in the last month he’s posting frantically on a Saturday – the BIG day in the week – to scatter his pearls to the swine on this blog of the pessimistic and monobrowed. Surely, this is an indicator of change.

      • Mining BoganMEMBER

        Yep, and if Reusa feels something in his waters, then looks out. Them’s big water.

      • I agree with Jake Gittes. Increased postings by Reusa can only be an indication of the following:
        1) He’s got time, means he’s spending less time buying properties
        2) He’s feeling some anxiety due to the increased coverage of the bubble. He’s probably asking the “What if I’m wrong?” question. What if Sydney is next after Toronto?
        3) He’s seeking re-assurance by posting “alternative facts”
        The above is a good heuristic indicating that the bubble is about to burst.. I value that indicator more than the economic ratios… (which so far have failed to detect the turning point..)

    • A friend of my son’s bought a one bedroom unit off the plan in Paddo last year for $700K (Nuts!) Sold it Thursday for $1.2 Million (macamaxima nuts!)
      Not sure he got better looking with the selling? It’s always a time to buy in Aus RE!

      • I honestly don’t understand your perspective.
        Surely what these prices are telling us is that our labour is in general useless and should be priced according to its value whereas our Real estate is valuable and should be priced accordingly.
        Sorry to be the one to tell you this but there’s no place in the world where the useless gets exchanged for the valuable, didn’t even happen under communism. What we’re seeing, in Sydney is a market in the process of discovering just how many units of the marginally useful labour need to be exchanged for an item of real value ( such as a house). The fact that these ratios are astronomical by historical standards is really just the markets way of showing us how far we’ve fallen.
        The rebuild needs to start right at the beginning but we first need to accept our new reality (exactly that which most MB’ers are still denying) Houses are worth what the market demands….Labour is similarly worth what the market pays….

      • Conversely someone close to the family mob just sold their house next to the governors place in Bardon [Brisbane] for just a bit more.

        disheveled…. mean while prices in Ascot are not reflective to demand pull…. why… because houses don’t come on the market often e.g. no trading, no price taking….

      • That is bizarre and out of kilter with broader movements in the market. Either they got a bargain buying at 700k or someone paid way overs!

      • Smart

        I think you don’t understand my perspective because you appear to have zero understanding of macroeconomics at any depth and the situation Australia is in? I’m not trying to be insulting. I ask so I know how to address the issue. It’s difficult when you have nil macro knowledge.

      • @Smart…..

        “Labour is similarly worth what the market pays….”

        Disagree. The “Market” suffers from massive information arb let alone metrics that it can’t even quantify by numerical expression [psychology (individual and social], this is compounded by bargaining power in the political sphere. Wages have not seen an increase in decades in real adjusted terms, quite the opposite is true in PPP, everyone is forced to seek yield in temporary nominal price transactions dictated by mostly herd dynamics and fashion.

        disheveled…. gezzz… when I got my MBA in the early 80s it was common knowlage that labour was the weak negotiator at the table, as such all ills could be remedied by screwing them.

      • drsmithyMEMBER

        Not sure he got better looking with the selling?

        Nup. Cashing out is for pussies.

        Now, if he’d used his $500k “equity” to refinance and leverage into a couple more properties (in different suburbs, obviously, to stay diversified) he’d probably be on a shortlist for one of reusa’s relations parties.

      • Not so good in Darwin. A lot of people who bought 5 or 6 years ago are facing big haircuts if they’re planning to selling now.

      • Thanks Dr Smithy 🙂
        I’ve always been a bit simple in my outlook and being a country sort of bloke I have never awoken to the real possibilities that have always been in front of me!!! Leverage into property!!! Is there any other way to real wealth!

      • @Skip – Now that place looks like it’s worth 1.2M to me. Although still high, at least it would seem worth being a mortgage slave to. Unlike so much shit in Sydney right now. Still beyond my needs. Too much upkeep work involved.. Total cost of ownership and all that.

      • “zero understanding of macroeconomics”
        well that’s being a bit unfair but I do accept that many of the distortions of both labour pricing and RE pricing have political origins. Our politicians could decide tomorrow to release more land than could possibly be consumed in the next 50 years and with that single action they’d reset the whole RE game and probably simultaneously cripple the economy in the process.
        The Labour question is far more complex because the unit productivity of our workforce is not substantially greater than the equivalent number of Indian or Chinese workers, yet they think that they deserve somewhere between 3 and 10 times the wages of these foreign workers. from a global macroeconomic perspective this is GIGO thinking.
        The reduction/reversal of the labour productivity gap is what puts dollars in the pockets of the Chinese that are buying up Sydney’s north shore. That’s why I say that our Houses are desirable and therefore still command the same premium they always have when measured in terms of global unit labour terms. (as in how many hours of Chinese worker wages would be needed to buy a Sydney house)
        What’s different is the comparatively reduced value of our labour, today it might be selling for 5 times Indian wages however in the not so distant past the difference was more like 30 times.

      • @smart…

        Economics is not a global monolith unto itself, its a collection of regional factors with time and space factors aka history…

        disheveled…. btw please show me a functional – labor market – in 24 quarters anywhere… e.g. there is no such animal as a labour market, tho you will find labour arb…

      • Skip, the Market is not wrong in its pricing….the Market is simply Not Linear, nor is it Time invariant.
        In essence it’s a market it changes, it arbitrates it identifies value and discovers the price of that value.
        It’s what markets do.
        wrt my comment the market for housing is functioning perfectly given the costs of the Regulatory/Political interference in the whole Residential real estate game. Similarly the market for Aussie labour is functioning to properly price Aussie Labour in the global market, sure there is stickiness in both wages, prices and labour conditions which guarantees that the wage discovery process is complex but the lack of pricing power that you speak of is really just the reflection of the decreased differentiation of Aussie labour on the global market.
        There was a time (not so long ago) when global labour markets paid a hefty premium for anyone that had completed High school because this was unusual. Today practically every Chinese kid finishes 13 years of school often with better math / science skills than Aussie graduates (See PISA scores) meaning there is very little labour differentiation in a High school certificate. What’s interesting however is the lack of pricing power for Degree qualified, suggests the Aussie labour market is pricing in decreased productivity as a result of “over qualification” something that should give all thinking people cause to consider just wtf is happening.

      • @Smart…

        I don’t think you grasp where I’m coming from, Mirowski’s et al camp, the logical fallacies people like you utter after accepting your ideological cults beliefs as dicta.

      • Smart
        The market is rigged. We have been dealing with a massively over-valued currency for over 60 years. If you want a market, correct the currency value so that our external account is balanced while, at the same time, preventing all the monopoly/oligopoly influences cornering more than their share, Tehn let the market do what it wants. The macroeconomic distortions undervalue labour immensely as well as undervaluing exports. In the process it redistributes income away from labour and away from exporters. The Sydney/Melbourne ponzi, draining the wealth of Australia has been allowed to go on so long thsat it now dominates Australia politically (population)and economically. In he process Sydney Real estate is founded on debt to foreign interests and the sell-off of nearly every asset that produces anything. Sydney is a parasite that produces absolutely nothing except barriers to prosperity for the rest of the nation. The current idiocy also means we are the flotsam on an ocean of printed rubbish from the US Fed, ECB, BoE et al.
        You should understand all tehse interactions before claiming that labour is worth nothing and Sydney real estate is the only thing in Australia worth anything.
        Sydney real estate is a fiction created by distortion of the real economy.
        If tomorrow you make your macro settings such that you get a balanced economy Sydney real estate would be worth close to zip overnight – people would be paying to get out of the place because there would be no jobs, food would be so expensive people would not be able to afford to eat, government chargges on land, housing and transport would make much of it negative value.

      • flawse….

        Do you think RE is a lot like corporations, a device to gin up equity, alas RE owners can’t issue cheap junk bonds to do stock buy backs….

      • Interesting that you pick Mirowski, I lived for a while in a small town called Niles Michigan, it’s a stones throw from Notre Dame university.

      • @Flawse,
        Huh??? who ever said that the external account needed to be balanced in any sense other than that Current Account imbalances should always be reflected in the Capital Accounts? And even this is rubbish if allow for the repricing of Assets within an accounting period. There’s no distortion of the exchange rate, all that you have are Economic / Political settings that butt f#ck exporters and reward lazy individuals that make a fortune by simply selling their services in the local economy. In this sense every Australian makes their choice, get butt f#cked by the global markets OR live the good life and focus business interestes on protected Australian markets. Australian’s have voted time and time again to support this structure, so there is nothing accidental about the operational corner where we find ourselves. Australian’s are deliberately gaming the international monetary system, the cost of this system gaming is External Asset sales. It’s what must happen.
        The interesting games only begin when the RBA is eventually forced to write a cheque for many $T, Think about the conundrum that someone faces who receives such a cheque, cash it and see the AUD fall like a brick or carry this as an AUD denominated loan.
        Personally I’d never wish to gamble at such a high stakes poker bluff play, but collectively it’s what we want so logically this will be the eventual end game play.
        Just to loop back our CA imbalance is not a problem for Australia as much as it’s a problem for our creditors.

      • @Smart…

        I don’t – pick him – its not a consumer choice thingy based on preferences[????], its the result of decades of reading, knowlage [broad] and experience. Having to deal with environmental biases built up during formative years, reconciling new information all the time, expanding the scope of the topic at hand and accepting whatever is the most compelling evidence to date, and reconciling that with those I both respect and trust.

        This is why currently your will find me in the Post Keynesian camp due to its interest in vectors and MMT due to its evidence based approach wrt soverign monetary operations. This is in contrast to neoclassicals which have both the GD and the GFC under their belt and favor prescriptive descriptions [proscriptions] or AET seemingly devolved into a trip of fear and loathing in las vegas as atomistic individuals strangely riding in the same group think bus.

        disheveled… money cranks on the other hand just give me the huzz…

        PS. per above, what is this royal – we – voted for shtick.

      • Smart
        I am m ore than well aware of exchange rate effects. I am more than well aware of the outcome. Indeed, because EVERYONE (bar pfh)else in the whole economic sphere, including university academia, ignores what happens in the external account and are totally unaware that a mis-pricing of the exchange rate, due to the necessity to sell assets to balance a consumption driven external account deficit, is also a redistribution of income WITHIN a country. That redistribution of income over the long term has resulted in Sydney and Melbourne.
        Please note the delayed effect of a collapse in the currency has been a central tenet of discussions re the MMT proponents who fail to think that far ahead. You are only looking at half the effect of the foreigner looking at his repayment cheque in A$. The others who have lost are the Australians looking at their future under a collapsed currency. The standard of living totally collapses as everything imported or exported suddenly triples or more in price.
        (By all means address that point to skippy. The MMT dudes, generally, just look at first layer effects and do not track the money flow through an economy. If you do MMT(as it is now ‘theorised”) falls apart. They are unable to think through the total model to arrive at the total costs.
        As to balancing the external account – saying that you don’t need to balance it, particularly when, when in your case), you recognise the effects, is just so typical of the modern academic BS – and BS it is.
        Sure you can for a time run deficits (or surpluses) for various reasons including capital works but 60 years continuous CAD’s(bar 1971 when there was a small surplus) is a bit long and results in almost a Trillion dollars in foreign debt AND most of our Capital industry sold off to foreigners.
        As part of your sell-off eventually your housing and best spots become very favourable to foreigners (note this is not just about direct influnence of foreign money). That’s why the present Sydney/Melbourne phenomenon of housing being so ridiculously expensive to anyone working in any sort of productive industry or to the average bods. It was all so predictable.
        After such a long time your economy is so distorted that there is no way back. You kill off your export and import replacement industries. They cannot be revived just because you adjust your exchange rate. That’s where, fundamentally, the MB story is BS.
        The answers lie back in time.

    • LOL – you must be really desperate to sell all your 75 properties when you are trying to advertise here on on Bear.com

    • “The average selling price dropped 3.3% from April – and this, after a 33% year-over-year spike in home prices in March and a 25% surge in April”
      Who gives a rats about a 3% fall…statistical blimp!. Same in Sydney….at zero rates (coming by modern economic logic) which ought result in about -50% Real After Tax rates based on property pricing, we are just seeing the start of the real Sydney Real estate boom!!!! There are no limits. What’s the capital value when the discount rate is zero let alone -50%!!!!!!
      INFINITY!!!!
      BOOM!

      • reading yesterday auction results I think CoreLogic will report further drop for the week. Hey this could be just a rounding error as you claim but you can’t say that this may not be the beginning of the end for boom prices. More data is needed..
        If bank tax goes ahead and FED hikes in June (this coupled with smaller banks downgrade) we are in for .25% hike at home by end of July. This cancels out RBA’s first cut which will probably come (RBA may come under pressure to cut) in June or July considering retail numbers. And this is bad news for Oz. RBA will need few cuts to stimulate once Auto starts to shut and it looks they may need to waste one cut before Oct/Nov just to keep the status quo. This is where we will find out if Phil has balls or not – I still think he will not cut until prices drop by 10% but who knows – he will be facing very interesting scenario.
        And all this without any external shocks. If we IO and Coal prices drop by another 15-20% and if China tightens the outflows (everything points they are) then we are in for turbulent ride.

  4. On OZ interest rates & credit ratings & how we define our economy. With the ECB & BOJ buying global corporate debt and the corporates passing funds to their subsidiaries in resource economies, it’s time to decide if we are messed up like Brazil, 10yr rates 10% ish, or OK… like US, 2% ish. IE If there are subsidiaries of multinational corporates in Australia who’s parent’s corporate bonds are bought by the ECB and associated central banks, and the multinational’s average interest rate on all its debt equals the German Gov. 10 year bond rate, the RBA must match our 10 year bond rate to the German one. Otherwise, and because the ECB’s printing money should lower the Euro but doesn’t as there is an economic rent paid it by the Aus sub’s interest passed through to to it (to Euro Zone), Australians ultimately provide lower import prices to Euro Zone due to us supporting the Euro currency and preventing it from eroding. Fail.

    • Exactly but half the story!
      The flip side is that through the over-valued A$ they are also smashing our export industries resulting in foreign debt and sale of everything that is worth anything in the future to foreign interests.
      The Fed and ECB are tipping over $2Trillion a year into the world economy. They can take over Aus with paper money and we are willing sellers!

      • Despite the best efforts of various clowns in academia (you know who I mean), shouting ‘neoliberalism’ at something you don’t understand is not THE winning point in a debate.

      • I did not shout flawse… yet decades of anti intellectualism and rigorous academic application in forwarding a quasi religious purview of reality, seems to have manifested contrary to its proponents propaganda. So now its scapegoat – externalizing damage control time.

        Disheveled…. I would also caution on using words like neoliberalism when not understanding what it means or the history behind it and those that forwarded it.

    • Pester
      Around here you need to be a bit careful about looking at things with such complexity!!! You could draw a bit of ire!

      • On one occasion there was a Steward who was about to be fired, going to his Master’s Debtors and lowering their amounts of Indebtedness to his Master. Jesus didn’t Commend this Cheating Steward for Tampering with his Master’s Accounts, but He did Commend this Unjust Steward for his Prudence, his Foresight, and his Wisdom. The Steward was looking-ahead to make sure that his future would be secure. He took Action, he pursued a Goal, he didn’t just sit-back and let one of Life’s Tragedies sweep-over him.

    • Had the similar thought after the big floods in Brisbane some years ago – the state premier came to visit the disaster zone. I said to my mates “A disaster never comes alone…” We all laughed, but we didn’t feel bad… 😀

    • haha I heard this on the radio, and thought “Oh good, now the terrorists get to make a second attempt.”

  5. http://abc.net.au/news/2017-05-27/freebies-with-brisbane-rental-properties-amid-apartment-glut/

    Nothing new in this article. Another oversupply consideration often ignored though is the student accommodation boom. There are over 10,000 student rooms under construction in Brisbane alone. Would these projects come through ABS building data as non-dwelling construction (education)? Potential blind spot in dwelling supply-demand analysis.

    In reality, companies like Urbanest are the Fortescue of the rental market. Lower cost, lower quality, bulk product, ability to flexibly discount = a new marginal-cost producer is born.

  6. The laundry folder that’s as big as a fridge and takes 5-10 minutes to fold a t shirt. Ha ha I think we’re safe from robots for quite some time. No doubt they will be as primitive and annoying as the old pc days too. People tearing their hair out like they did with win 95 and 98.

  7. Climate researchers shot down Trump’s EPA administrator in the nerdiest way imaginable

    “We test this claim here.”

    With these words, climate scientists shot down a dubious claim from the controversial administrator of the Environmental Protection Agency (EPA), Scott Pruitt, in the most methodical way available to them: by publishing a peer-reviewed scientific study in a reputable journal.

    The study, published May 24 in the journal Nature Scientific Reports, debunks Pruitt’s claim — made in written responses to senators during his confirmation process — that satellite data proves temperatures have leveled off in recent decades, rather than continuing to rise in keeping with human-caused global warming.

    SEE ALSO: In the U.S., trees are on the move because of climate change

    Like many of Pruitt’s claims about climate science, this one didn’t hold up well to scrutiny.

    In the study, scientists led by Benjamin Santer of Lawrence Livermore National Laboratory fact-checked Pruitt’s claim using six satellite datasets. They found that there is no 20-year period during which satellite-derived temperatures in the lower atmosphere leveled off, though the study did find that “recent 20-year trends are smaller than most of the earlier 20-year trend values.”

    Satellite-derived temperature trend of the lower atmosphere during the past 38 years.

    Satellite-derived temperature trend of the lower atmosphere during the past 38 years.

    Image: Santer et al. 2017.

    This is due to a variety of factors, including natural climate variability, that helped slow — but not halt — global warming for a period of time.

    The study also found that during the full 38-year satellite record from 1979 to 2016, global warming of the lower atmosphere far exceeds what one would’ve expected to see just from natural variability alone.

    “Our results support and strengthen previous findings of a large human-caused contribution to warming,” the study found. “Studies involving patterns of tropospheric temperature change (rather than the global averages considered here) yield even stronger evidence of a human fingerprint in the thermal structure of the atmosphere.”

    http://mashable.com/2017/05/26/climate-study-rebuts-scott-pruitt-epa/#2xiY27ajwqq0

    “So, it shouldn’t be surprising that Pruitt had a poor understanding of this specific aspect of climate science. This is an official who went on national television in March and denied that human emissions of carbon dioxide and other greenhouse gases are the main cause of global warming. ”

    disheveled…. classic case of poor job placement by el’trumpo…. Pruitt should be heading his economic advisories team… your fired – !!!!!!

    • ErmingtonPlumbingMEMBER

      Not all humans are responsible Skipp,…just us blokes apparently.

      “At best, climate change is genuinely an example of hyper-patriarchal society metaphorically manspreading into the global ecosystem,”

      http://www.skeptic.com/reading_room/conceptual-penis-social-contruct-sokal-style-hoax-on-gender-studies/

      Am I evil ?

      “We intended to test the hypothesis that flattery of the academic Left’s moral architecture in general, and of the moral orthodoxy in gender studies in particular, is the overwhelming determiner of publication in an academic journal in the field. That is, we sought to demonstrate that a desire for a certain moral view of the world to be validated could overcome the critical assessment required for legitimate scholarship. Particularly, we suspected that gender studies is crippled academically by an overriding almost-religious belief that maleness is the root of all evil. On the evidence, our suspicion was justified.3”

      Though I’m no human induced “climate change denier”, the mandatory extrapolations and beliefs,… “Expected” by the “Scientific Consensus” is worth of some criticism,…IMHO.

      • Dude that reminds me of a study a commenter over at naked capitalism posted years ago…. something about – all – wars [aggression] were the end result of Penis ego…. head desk….

        disheveled… the majority of push back on AGW is rooted’ in ideological intransigence [stakes irrevocably driven into the ground] by those that see loss of status [power] in shaping reality for the unwashed [see religious caste in antiquarian Egypt].

    • drsmithyMEMBER

      The mistake those poor scientists make is believing anyone involved will be swayed by a quaint concept like “facts”.

      Faux News, et al, have taught an entire generation – maybe two – that it’s the feels that matter, not the reals.

      As I’ve said before, they’re not even bothering with the facade of propriety anymore. Lied ? Flat-out wrong ? Who cares, #MAGA !

    • TailorTrashMEMBER

      Racists !!…..xenophobic !! …..or do those terms only get thrown around in Straya ?

      • GunnamattaMEMBER

        That is a very good read. I think I linked it about 6 weeks ago. Goes nicely with the BoE one from a few years ago.

        I tend to the view that on the basis of what it says, alone, Australia’s banks should be paying vastly more tax than they do.

      • Yes it is one of the more readable explanations of how Central Bank and our current public/private monetary model operates including how changes to the target rate results in changes to other rates including mortgages rates. It is also a very good explaining how QE is not simply an asset swap but ultimately can affect the money supply via effects on the demand for credit.

        How a range of transactions affect the balances of the ES accounts ‘reserves’ is also well explained.

        Not surprisingly as a Central Bank document it does not really engage with the possibility that the current model is fundamentally defective. Instead it relies heavily on the fact that alternatives to the current model have not been tried – though there are some instructive examples of approaches that come very close to models where control over public money is largely by the public/govt – and by imposing an impossible standard -A vague notions of costs and benefits.

        “..Such a financial system without maturity transformation would likely lead to considerable welfare losses:62 it would be more di cult in a system with- out the maturity transformation function to recon- cile the preferences of long-term-oriented investors with any short-term liquidity needs they might have. Given the potential economic cost of changing the system, the question arises as to whether the bene- ts could outweigh the drawbacks…”

        At least the costs of the current system – GFC & asset prices bubbles au go go have been massive – should be well understood.

    • Pretty sure it’s “Racialist”. Just ask the good looking bloke with the stash!

    • Aussie wheat earning Indian farmers more dough.

      http://asia.nikkei.com/Markets/Commodities/Australian-wheat-turning-farmers-heads-in-India?page=1

      Good to see Australian wheat varieties working well in other countries – a very cheap and effective form of foreign aid.

      Plus on page 2 – why we should read any “Free Trade agreement” cooked by light weight Steven Ciobo very closely. As with the other recent dud FTAs signed by the LNP we can be sure that “Free” will only apply to imports to Australia and our exports to India will remain severely restricted by quota and tariff.

      Those Indian farmers will not take kindly to losing market share.

      In return for some agricultural export ‘peanuts’ to please Barnaby “No Joy” Joyce, Ciobo will open the door wide for massive inflows of unproductive and predatory capital with few if any requirements that those flows clearly demonstrate how they will expand the productive capacity of the Australian economy. With the cherry on the top being unrestricted inflows of labour on 457 visas so all that unproductive capital (aka acquisition of Australian assets) will have a source of cheap labour.

      When it comes to “selling out” Australia the LNP are world champions and are always working hard to dig deep and improve their performance.

  8. Speaking last night with a senior guy at a large listed Australian company that’s very big into apartments.
    Chinese buyers for their apartments cannot/won’t settle their purchases.
    This is for real, folks.

    • $3b of apartments. He said they were trying to chase the defaulters in China. I LOL’d at that. He replied, ” yep, we’re fucked”.

      • Dude! Don’t do that to me please… I don’t have money for a new one!
        I nearly dropped my laptop with the Insta-erection I got reading that!

      • haroldusMEMBER

        trying to chase the defaulters in China

        After wiping my tears of laughter at this I wondered:
        1) Do they ever find any?, and
        2) Do they ever get any money?

      • TailorTrashMEMBER

        .did you say 3 billion ? ……at $500 k a pop = 6000 Chinese debtors to chase in china …..now that’s what you call a challenge ……..and is that one developer ?..I expect Our Chinese “tourist” numbers will take a dive too …fucked indeed ….Onya Straya !!

      • Must admit that, sitting here alone, I got a loud laugh out og the ‘chasing defaults in China” It could only be contemplated by somebody who has never done any business there; has no idea about its culture; has probably never even set foot in the place.

      • This is a big listed company. They have to show shareholders that they’re trying to get the money. If these guys can’t get it (including whatever Aust govt pressure they can undoubtedly attempt to procure) then the smaller developers have no chance.

        Yes, $3b, across Syd/Mel/Bris

      • Original John

        HMMMMM – collections in China are interesting – not sure if a foreign company would like to be associated with the process.

      • TailorTrashMEMBER

        Yes OJ …..it probably makes Ronnie and Reggie Kray look like warm caring people …………..

      • LOL indeed. The Moron Side of the Force is strong with this one.

        You will need battle hardened veterans from the Stalingrad front for this mission.

      • As a Shareholder I’d feel very much re-assured. Nothing can go wrong with this. Good thing speculators have tax payers to pick up the tab.

      • TailorTrashMEMBER

        Haraldus ….”Do they ever get any money ?” ……..NO !!..cos strayan banks stopped lending to them …and that was the source of their “money ” ……….Gawd !!….we is stupid in Straya !!!

  9. Another mate I ran into also last night works for a Chinese developer in Melbourne, who was a big operator in Box Hill, etc. He’s sold everything and is completely out of the development game now.

    • But then what happens? Will the Chinese walk away and the sellers keep the deposits?

    • I want to believe, I really do. But let’s see how it plays out in terms of detached house prices.

    • Original John

      Seems to be a bit of that going around – mentioned about 6-8 weeks ago we were approached as the last resort funder/restructure for a few sites in Sydney by Chinese developers. Heard that they have decided to seek buyers for their sites through closed channels (wtf does this mean????). Anyway, one of their sites had been 300+ units and targeted mainland Chinese.

  10. Mining BoganMEMBER

    Street Talk!!!!!!!with Mining Bogan.

    Society fail.

    Was listening to a conversation about motorist mayhem on the freeway. Tailgating, lane diving, speeding etc. Once speeding was mentioned…and I’ve underestimated the boganity of my new workspace…one new fellow bogan said it was the fault of those who leave early enough to get to work on time. Doing the speed limit just clogs up the roads he says. If everyone rushed we’d all be much safer.

    Next contestant was down the parklands where the dogs are king. Lovely area with trees and creeks and playgrounds and romping areas. It’s probably a 50/50 split of dogs on leashes and those running free. Groups gather and chat while the puppies play. Anyhow, a staffy had a crack at a dog on a leash. OI! Not on, control your hound! Nah says bozo, he only attacks dogs on leashes. It’s your fault for having it on a leash. Apparently he’s serious. Then took off. I only heard this second hand after seeing the busted dog and went looking for the clown but he’d scarpered.

    WTF?

    • Are you still based in Melbourne? If so, your stories don’t surprise me in the least. Especially the dog story. My friend’s dog was maulled a few years back. The owners weren’t bogans, just an older couple that treated their dog as if it was a first born that could do no wrong. No apology and it took the threat of legal action to get them to cover the vet fees. A few months later he sees the same dog off leash down at the park and after admonishing them for their selfishness they again don’t acknowledge that they are in the wrong.

      • Mining BoganMEMBER

        Yeah, 3085. It was down the Rosanna Parklands where the unpleasantness went down. 99% of the dog owners down there are cool, just the occasional dick who thinks they’re above the standards of behavior that should be compulsory to own a dog. Wish I had found them but I’m regular there so I’ll keep an eye out.

        Thinking back I’m probably more cranky that he intimidated older owners. One of them said that they thought he was likely to take a swing.

        Society fail.

      • Failed Baby BoomerMEMBER

        In Perth dog attacks in public dog areas are a constant risk. The aggressive dogs seem to follow a pattern – usually owned by macho tattooed types. I have two small dogs and have had some near-misses. I have had it with these people and I have taken to carrying a well weighted steel bar. Next time the attacking dog will get a lesson, followed soon thereafter by the owner.

      • Around my way the biggest threats are smarmy looks from tradies that have made a killing out of the boom, a few ‘enlightened’ gen ys and immigrants, or a dirty look from a bitter boomer. A woman warned me about her boxer dog taking a piss in the bushes. They’ve always been placid things but it was polite of her to do so. I never liked those staffys, their aggressive friendliness comes with an air that they are going to snap. One good thing about the boom and mass immigration is that it seems to have diluted the violent bogans, I certainly grew up with a few but they’ve all but disappeared. If and when the crash comes no doubt it’ll be a bigger problem.

      • @Owen: I have to agree about the effect of immigration diluting the bogan quotient. One the one hand I am bitterly opposed to the Govt jamming more people into Australia without providing the requisite infrastructure and without any clue about the massive public funding black hole that they are digging the country into. Against this, I would say that many (not all) immigrants are actually peaceful, quiet, inoffensive and hardworking and as such much more preferable than your average tattooed meth head / dealer viscious dog owning bogan / bikie. In my experience the vast majority of even middle eastern migrants fall into this category and the minuscule number of radicalized young men who are cause so much concern are in no way representative of the majority of this cohort.

        For the record, the only worthwhile bogan in this whole farking country is Mining Bogan.

      • “For the record, the only worthwhile bogan in this whole farking country is Mining Bogan.”

        PREACH!

      • Even the mid level ones at times. I’d like to see how good they think they are if the market crashes or the tpp opens up the place to Chinese tradies. They often have those little yappy dogs that annoy the shit out of me.

    • DarkMatterMEMBER

      Anyhow, a staffy had a crack at a dog on a leash. OI! Not on, control your hound! Nah says bozo, he only attacks dogs on leashes. It’s your fault for having it on a leash.

      And rightly so! everyone knows the staffy is the dog of peace.

      • Mining BoganMEMBER

        Oh, well played sir. Very well played.

        That’ll be on the highlight reel.

      • My male lab is the most placid dog most of the time. Heart of gold, but as a non-desexed animal he attracts certain types of dogs, especially if it’s off leash. Often they will try and dominate him (even if half the size). There was a Staffy at the park a year or 2 ago and wouldn’t leave him alone, kept trying to hump him. I kept pushing the staffy away and he’d come back a few minutes later.

        Eventually my young boy had enough and a fight broke out, the Asian girl who owned the staffy freaked out while I tried to get my dog off him. Lots of noise really, nobody was seriously hurt. But she had no idea how to handle the staffy. Everyone watching understood my dog wasn’t the 1 at fault, but if you own a dog like a Staffy it should be on a leash.

        My lab weighs 40kg plus and we keep him on a leash in most parks (without fences) simply because once he gets his stride up, he can bowl you over. It’s just being responsible. Of course since he’s had his back operation to remove the cancer he’s not able to play like crazy anyway so we keep him on a lead for his own good.

        We were down at a Coastal Town (Bundeena) last weekend and another gold lab came up to us and started the whole sniffing thing. I thought the owner was nearby but after a while it became clear that it was out and about on it’s own. Again a male intact and after a while of following us around (couldn’t get it to leave my lab alone) a small fight broke out and I had to step in the way to try and break it up. Stressful when your dog can’t play rough due to a spinal issue.

        Anyway eventually we got the other dog to go away, but who lets a non-desexed male out to just run around the neighborhood at it’s leisure? Some dog owners..

      • boomengineeringMEMBER

        Gavin, Most labs are placid, when her 11 week old Kelpie (Winnie) came home she was Jack’s (nine year old lab) boss from day one, and Jack being such a wuss is always targeted for a hump, which is only a dominance thing not sexual as some may think. It is dangerous to try and separate fighting dogs, the other day at Curl Curl a boy and his father got mauled by two Bull Arab mix attacking a boxer.
        Good to see he ( forgotten his name already) is getting better, and don’t forget to bring another pup home.

  11. that Michael West piece on the Great Gas Gouge is fucking scary. Throw the cunts in jail and bury the key under a rock somewhere in Canada

    • ErmingtonPlumbingMEMBER

      Yes,…well,…even though I claim such language as part of my Cultural Identity and Heritage, as a working class member of the Anglo-Sphere and feel that uttering such words, pays a kind of homage and respect to my Irish convict ansestors,…I can’t help thinking that maybe I could express myself in a more inclusive and sophisticated manner.

      I mean, let’s face it fellas, it’s a bit of a sausage fess here, and I’m told the Sheilas don’t like the word Cunt (doesn’t seem to be a problem for my missus though).
      But anyway,…For the sake of a more balanced comments section (more Sheilas) maybe we could reserve the use of this word, only in its more, comical, self deprecating and selfish meanings,….In stead of using it as just, a general insult.

      For example, take this well known Australian phrase/statement.

      “My cock maybe small, but it only has to please One Cunt,…and that Cunt,… is me.”
      See not insulting to anyone.

      On a side note,
      What has happened to our resident Sheila, Jannet? haven’t seen her posting anything of late.
      I miss her.

  12. FiftiesFibroShack

    https://www.theatlantic.com/politics/archive/2017/05/the-better-part-of-valor/528384/

    “Physically attacking journalists for asking questions is cowardly. Every single person who defends it is engaging in an act of cowardice. The notion that Gianforte was merely channeling the rugged frontier culture of Western mountain men when he attacked someone who asked him a question is laughable and patronizing.

    It is not 1856, but these are the politics of a false valor forged by fear. It is the undercurrent of a politics that defends grown men who stalk black teenagers in the night and then gun them down when they raise their hands in their own defense; it is the politics that rationalizes Ohio police shooting a 12-year-old boy with a toy gun without so much as a chance to surrender; it is the politics of mass deportation and Muslim bans and Blue Lives Matter bills. It is the political logic of frightened people who need to tell themselves they are brave. This is not valor, it is the celebration of violence against those who cannot respond in kind.”

      • haroldusMEMBER

        I find it very difficult to masturbate to the Australian Super ads.

        Although the hand shapes are not dissimilar.

  13. TailorTrashMEMBER

    Nothing like a bit of historical cleansing ………I remember once walking down monument avenue in Richmond,Virginia and thinking how great it was that the giants on both sides of the civil war were recognised in the one United States that came out of that conflict …….now it seems like the revisionists would only allow one side to be remembered ………cant see them touching that avenue though ….it would surely lead to civil war 2 …………http://www.zerohedge.com/news/2017-05-26/pat-buchanan-after-confederates-whos-next

  14. haroldusMEMBER

    Can someone remind me about off-the-plan apartments and when they are deemed not new? Slomo changed the rules didn’t he?

    • If a chinaman is not good enough looking to settle he can still sell it as a new place to a better looking chinaman

      Australian Super….. you sick bastard ?

  15. An excerpt from Chris Hedges presentation I posted sometime ago, he started by quoting Karl Marx:

    “The final stages of capitalism would be marked by global capital being unable to expand and generate profits at former levels. Capitalists would begin to consume the government along with the physical and social structures that sustain them. Democracy, social welfare, electoral participation, the common good, investment in public transportation, roads, bridges, utilities, industry, education, healthcare and the protection of the ecosystem would be sacrificed to feed the mania for short term profit. These assaults would destroy the host and this is the stage of late Capitalism”

    ……there will be new homeland security lists that will allow governments to target the press, activists, labour leaders, dissident intellectuals and the left. This age of destruction was erected by corporate forces decades ago.

    …money has replaced the vote…

    …The enemies are the financiers, bankers, politicians….in the twilight phase of capitalism wealth is no longer created by producing or manufacturing. It is created by manipulating the prices of stocks and commodities and emposing a crippling debt peonage on the public. Our casino capitalism has merged with the actual gambling industry. This is an economic model designed to prey on the desperate..

    When a tiny cabal seizes power, monarchist, communist, fascist or corporate, it creates a mafia economy and a mafia state.

    Trump is not an anomaly. As the state increases the level of violence against us we must respond with non-violent dissent. We must never respond with violence. The use of violence including property destruction and the taunting of police is a gift to the security and survelance state. It allows the state to demonise and isolate a mass movement and drives away the bulk of the population. Violence against the state is used by the authorities to justify greater forms of control and repression. The corporate state understands and welcomes the language of force. This is the gave the government will always win and the people will lose.. We need to win the hearts and minds of the masses including the police.

    • The only problem I have with the above is the descriptive of “The State” being so undefined and ambiguous. Currently the State is captured by a ridged Kantian-ish ideology about free markets [neoliberalism] and infers all things are a result of “The State”.

      Maybe if “The State” was more socially democratic and represented the driving concerns of its citizens [not to be confused with consumers] “The State” would not be viewed as being so prone to egregious capitulation to small but powerful groups.

    • I get tired of this notion that the bad guys are just this one percent of the population. We’ve got half or more of the population that’s been wallowing in this economic paradigm like pigs in shit. Not to mention the swathes of useful idiots. Dumber than the commies. At least the commies seemed to have something to gain back in 1917, this lot wants to give it away.

  16. one more.. oh man he is good.

    http://www.truthdig.com/report/page2/the_warring_kleptocrats_20170326

    “There will be hundreds of millions of desperate climate refugees. Civil society will break down. They won’t stop until their own generators have run out of fuel in their gated compounds and their private security forces have deserted them. When the end comes they will greet it with their characteristic blank expression of idiocy and greed. But most of us won’t be around to see their epiphany.”

    • Original John

      @skippy – I saw that too along with a lengthy email from our lawyers in HK discussing the disclosure impacts for our business in China and corporate office in HK – will be interesting times – HKD is again coming under some stress on the peg, be interesting to see how they react….

      • Simón Bolívar

        The total amount of cash withdrawn from ATM machines in Macau recently topped HK$10 billion a month.

        ($1 us Billion)

        I wonder if they uncover a river of cash heading towards Australian real estate they would bring pressure to bare on Australia’s lax anti-laundering stance.

    • ErmingtonPlumbingMEMBER

      I wonder how this may affect our Jamie Packers little enterprise over there.

  17. haroldusMEMBER

    Hey footsore (and everyone) what is Aus’ best team for the ICC Champion’s Trophy?

    Here is the squad:Steven Smith(c), David Warner, Pat Cummins, Aaron Finch, John Hastings, Josh Hazlewood, Travis Head, Moises Henriques, Chris Lynn, Glenn Maxwell, James Pattinson, Mitchell Starc, Marcus Stoinis, Matthew Wade, Adam Zampa

    I say no Finch (but he’s proving me wrong at the moment).

    Looking at the below the batting looks a bit fragile, but these are my favourite players (apart from that dickhead wade. at least our sledging will be decent). Only one I’m missing is Hastings, who is a very honest trundler, good hitter and always looks like he’s having an aneurism. Either Stoinis or Moises saved our bacon with the bat the other month too from memory. But we are replete for quicks.

    Warner: The saint. I wish he would start sledging again.
    Lynne: Why not have him open?
    Smith: 3 or 4?
    Head: Gimme head – also useful offies i think. I can’t wait for the excellent De Kock/ Head matchup. And of course Root.
    Maxi: Gotta have him. Plus Wade hates him.
    Wade: why the fuck is he here? Gimme Handscombe even
    Starc: A great in the making. Not bad slogger.
    Patto: Who hates the poms, and who has been doing well with the bat
    Cummins: Floppy fringe. Slightly louche. I like that.
    Hazlewood: Not quite the new McGrath but good 140k pacer.
    Zampa: I find him irritating but a leggie is always good. Pretty good figures from memory.

    • Seriously, stock picking is simpler than team picking.
      I follow tests more closely than I do ODIs. With the inconsistent team line ups of the past few years, due to voodoo selection policies and multiple tournaments occurring at the same time in different parts of thew world, I’m not that familiar with some of these chaps.
      Some background for the tournament venues. I was just reading a piece on the changing of the pitches in England over the past few years. They don’t spin as much and the Dukes have been replaced by Kookaburra balls. England is now the country that has the highest scoring ODIs. All this was done in response to the piss-poor effort of the English team at the last world cup. 400+ scores are a real possibility in this tournament. Not my cup of chai, but that’s the way of the cricketing world.
      This plays into the hands of the Warner type batsmen, but goes against all of our spinners, and we have a lot of over chewers in the squad. Our pace and seam attack is fantastic, but will they be able to get the most out of these pitches? Smith is also a hesitant user of himself and other part timers, which may cause us problems if the main attack isn’t being effective.
      Wade has a really good ODI record and has a good record of anchoring and saving the innings.
      Where the hell is Usman Khawaja? Did Dutton tell the selectors that we can’t have a bloke with a name like that in the team?I’m more likely to get a call up than him at the moment.
      England are current favourites, yet you can’t count out SA and us.
      Who can tell with India. After a few matches we’ll be able to gauge their form. They have done well to take away our mantle of most obnoxious team.
      A NZ 2nd string team lost to Bangladesh in the warm up tournament, giving Bangladesh their first away win. A full strength NZ that has Guptill in form will always be a threat. Watching Kane Williamson bat is one of life’s true pleasures. He’s inherited the title of most elegant batter from Sangakara.
      Bangladesh play with passion but it’s hard not to see them losing all of their matches.
      Sri Lanka and Pakistan aren’t expected to challenge for the title. I’d like to see Pakistan defeat India in their group game.

    • I don’t think they play 5 bowlers – Henriques or Stoinis will get a run with Wade to come in at 7. The bowler to miss out will be Zampa if the pitch doesn’t need a spinner or probably Patto.

      It’s hard not to bone up at the fast bowling attack and what it would be like in Tests. It’s pretty freaking amazing where someone as good as Pattinson doesn’t make your first choice team.

      And Lynn has a terrible ODD record – they’ll keep finch for now I reckon.

    • WTF is Wade in that team? What has Tim Paine done to fall out of favour? He’s great with the gloves, dynamic with the bat. Needs to move to NSW.

      • boomengineeringMEMBER

        A young country bloke came to my gym years ago saying he was going to be a top cricketer.and was referred to me for weights instruction. I thought this guy is on a mission good to see someone with a goal Not being a cricketer didn’t think much of it. His name was Micheal Bevan.

      • Michael Bevan was a LEGEND!… no one could out run him literally! He would make 100 out of 70balls without hitting a 4 or 6!!!!

  18. New Zealand are now in the rocket manufacturing and space launch game.
    http://www.abc.net.au/news/2017-05-26/new-zealand-launches-first-rocket-into-space/8561958

    “The Electron rocket is built of carbon composite, designed and manufactured in New Zealand in under four years.

    Unlike Space X’s Falcon, the Electron has not been designed to be reused, but Rocket Lab predicted they would be built and launched at an unprecedented rate.

    “We’re all about launch frequency and we’re trying to drive towards once a weekly launch,” said Mr Beck.

    “The trouble with metallic [rockets] is if you start off with sheets of aluminium you have to roll them, friction stir weld them and then paint them.

    “Whereas [with] a carbon composite, literally we can laminate it in one hit and make a tank very, very quickly, and we don’t need to paint it.””

    India has a space program and has been putting GNSS up in the sky.
    Japan also has a space program, but I’m not sure whether they do launches or just satellites.
    Australia? I know that we are undertaking a big GNSS based infrastructure program and that some unis are looking at the space field. As for putting stuff up there, cube satellites are all I know about. If anyone has more knowledge about an Australian industry that is flying under the radar, please fill me in.

    • I’ve been listening to it a bit over the past few weeks.
      90s rave piano, good shifts in mood, a bit of anger, somr tension and release, I really like it. It’s got that effortlessness that all good pop has plus hints a bigger things from the perspective of the protagonist.

      • haroldusMEMBER

        Ms Jospon said most owners were very realistic about the market being soft at the moment.

        “There are some cheeky ones out there,” laughs Ms Jopson.

        Yeah fuckin hilarious. Guess they’re the ones negative gearing.

    • ‘”It won’t be forever, so they should grab the opportunity while it is there.”‘
      Uh-huh, tell us more. ‘Falling rents’ rents really flows nicely off the tongue and resonates around one’s mind, it could really get stuck there at all hours like before falling asleep.

    • Mining BoganMEMBER

      I’m contemplating emailing that story to some of the deluded RE agents I had to deal with earlier this year. They assured me that nobody lowballs rentals. Nobody. Ever. Unheard of. Accused me of lying they did. Usually before they got angry and hung up.

      I’m firmly of the opinion that they had to invent a special class of fuckwit to fill those RE jobs.

      *waves at Ray White and Barry Plant*

      • I’m seriously beginning to think property management is all a big conspiracy to try and pressure people into buying..

    • DingwallMEMBER

      Lol that top 10 !!! Australia mixing it with some heavyweights of corruption. That said, there is one country that is conspicuous in its absence………….. and I assume it would top the list.

      • It is not clear which country you have in mind. Russia? China? Argentina? Pakistan? North Korea? South Africa? Haiti? Zimbabwe? PNG?

        Oh, you meant NZ!!!

      • DingwallMEMBER

        Ha you are dead right the dumpling. Take your pick ………….the list is very selective.

    • We should forget supporting “Sustainable Australia” as a political party. What this country needs is the creation of a political party with strong anti-corruption credentials pushing things like the creation of a Federal ICAC. Fix corruption first in Federal politics, and then you might find flow on benefits in government like a sustainable immigration policy, housing policy, manufacturing policy etc etc

    • That chart make me just want to lever up on a long naked call on Australian real estate with ninety-nine percent of my wealth.

    • hareebaMEMBER

      Seriously Gunna …. Peter Martin. Some of the pro population ponzi garbage he has been writing beggars belief. He has been on radio and the ABC saying what a great thing our current migration levels are. No thanks.

      • GunnamattaMEMBER

        Yeah I buy that, I cant stand his immigration line either.

        But he gets a lot of other stuff right and his piece on game of mates was good

  19. GunnamattaMEMBER

    I must confess I am starting to wonder about whats happening in the UK. Spoke with some people there during the week who said straight out that (as opposed to my hitherto thought May would win incredibly easily) that the punters are indeed pissed off enough to vote up (or go close to it) UK Labour and Corbyn.

    Would there be much interest if I was to put together a podcast chewing over the issues of the UK with some Pom journalist mates?…..

    This could be a far far bigger boilover than getting a tax avoiding property developer into the White House

    Theresa May faces disaster after new poll finds Corbyn slashing her majority to just 2 seats
    https://www.businessinsider.com.au/yougov-poll-general-election-theresa-may-jeremy-corbyn-labour-conservatives-majority-two-seats-2017-5?r=UK&IR=T

    • Yeah I’d be interested in better understanding what’s going on. I for 1 think Brexit is good for the average punter in the UK less good for the upper classes.

    • TailorTrashMEMBER

      Yes Gunna I’d be interested ….if Corbyn got over the line that would be a shock result equal to Brexit and the Donald combined ……not sure where he stands on Europe but he. seems to have some old school labor ideas ….and he’s not that smarmy Oxford bastard Blair ……..

    • Labour was closing the gap even before the Manchester bombing but now it appears they are starting to get noticed even by the ignorant voters. Corbyn openly blamed UK’s foreign policy for the environment they have at home and the Tories struggle to respond to his criticism – it appears people started to notice. Then again MSM will starve Labour out of oxygen again and game is over.
      Would be good to hear from some decent journos that will not present biased view.

    • In the current state this result is s not so surprising though it terrifies the Mail. Corbyn is a disaster and makes Michael Foot look centre right but May has a St Trinian’s outlook and everyone knows that her Remain position on Brexit and what she has did as Home Secretary and immigration policies over the last decade, she cannot rewrite so she comes over as Head Girl hypocrite. Even so the first past the post electoral system means the Tories could win power. in the past the Liberal have had high polls and failed to secure seats; in the last election UKip had high polls and got nothing at Westminster.

      • I thought the Ukip nutter was a disaster, Corbyn is just a plain old social democrat, how scary indeed.

    • Wait wasn’t Corbyn going to deliver electoral oblivion? Hope the ALP are taking notes. Write off the last 34 yrs as an epic disaster and move on.

    • ErmingtonPlumbingMEMBER

      I’d listen to if Gunna.
      Very similar circumstances afflicting all of the “Left” parties of the Anglo-Sphere Democracies.

      Skip asks,
      “How do you arrive at that conclusion Gavin.” When Gavin states he thinks Brexit is better for the “average punter”
      Well I reckon it comes down to the lessened democratic accountability accorded to the British people in deciding their own economic affairs, when submitting them selves to European Union governance.
      Like these current “free trade” agreements being signed all over the place, the EU seems more a vehicle to defend plutocratic interests, over the desires of a nations citizens, to embrace or demand greater Social Democracy.

      Just look at what membership has done for the Greeks!

      “Left’s case for Brexit

      The left’s case against the EU was frequently articulated by Tony Benn, a Labour minister in the 1960s and 1970s. At an Oxford Union debate in 2013, a year before he died, Benn observed: “The way that Europe has developed is that the bankers and multi-national corporations have got very powerful positions and, if you come in on their terms, they will tell you what you can and can’t do – and that is unacceptable.

      “My view about the European Union has always been, not that I am hostile to foreigners but that I’m in favor of democracy. … I think they are building an empire there.”

      http://www.jonathan-cook.net/2016-06-25/israel-should-be-deeply-disturbed-by-the-brexit-vote/

      “For Bennites and the progressive left, internationalism is a vital component of the collective struggle for the rights of workers and the poor. The stronger workers are everywhere, they less easily they can be exploited by the rich through divide-and-rule policies.

      Globalisation, on the other hand, is premised on a different and very narrow kind of internationalism: one that protects the rights of the super-rich to drive down wages and workers’ rights by demanding the free movement of labor, while giving this economic elite the freedom to hide away their profits in remote tax-havens.

      Globalisation, in other words, switched the battlefield of class struggle from the nation state to the whole globe. It allowed the transnational economic elite to stride the world taking advantage of every loophole they could find in the weakest nations’ laws and forcing other nations to follow suit. Meanwhile, the working and middle classes found themselves defenseless, largely trapped in their national and regional ghettoes, and turned against each other in a global free market.

      Corbyn played safe
      Corbyn could not say any of this because the Labour parliamentary party is still stuffed with Blairites who fervently support the EU and are desperate to oust him. Had he come out for Brexit, they would have had the perfect excuse to launch a coup. (Now, paradoxically, the Blairites have found a pretext to stab him in the back over the Remain camp’s failure.)

      Instead Corbyn headed for what he thought would be the safe, middle ground: the UK must stay in the EU but try to reform it from within.

      That was a doubly tragic mistake.

      First, it meant there was no prominent figure making a progressive case for Brexit. Many ordinary voters know deep in their hearts that there is something profoundly wrong with the neoliberal consensus and global economic order, but it has been left to the far-right to offer them a lens through which to interpret their lived experience. By stepping aside, Corbyn and the real left allowed Johnson and Farage to forge unchallenged the little Englander case for Brexit.

      Second, voters are ever more distrustful of politicians. Cameron and Corbyn’s failure to be candid about their views on Europe only underscored the reasons to assume the worst about the political class. In a choice between the uncomfortable and perfunctory posturing of the Remain leaders and the passionate conviction of Johnson and Farage, people preferred fervor.

      Compromised politics
      This is a much wider phenomenon. Corbyn’s appeasement of the Blairites is another example of the deeply tainted, lesser-evilism politics that requires Bernie Sanders to tell his supporters to vote for Hillary Clinton, warmonger-in-chief to the military-industrial complex, to stop a loud-mouth billionaire thug, Donald Trump.

      Increasingly, people are sick of these endless compromises that perpetuate and intensify, rather than end, inequality and injustice. They simply don’t know what levers are left to change the ugly reality in front of them.

      The result is an increasingly febrile and polarised politics. Outcomes are much less certain, whether it is Corbyn becoming Labour leader, Sanders chasing Clinton all the way to the Democratic convention, or Trump being on the cusp of becoming US president.

      The old order is breaking down because it is so thoroughly discredited, and those who run it – a political and economic elite – are distrusted and despised like never before. The EU is very much part of the old order”

      “distrusted and despised like never before”

      Yep.

      • EP…

        The electorate was spoon fed a bunch of rubbish by the media and the loon pond end of the conservative party,

        A few pertinent facts, the UK can not feed itself, it has next to zip resources, lower pound means importing is expensive, heaps of Mfg is actually HQ’ed in the EU, due to treaty ramifications lots of people and business with relocate back to the EU and most importantly the UK has a very weak hand in negotiation due to hollowing out the talent in foreign policy due to stocking it with ideological apparatchiks, nepotism, useful idiots, et al.

        Not to mention the EU said it would not go soft.

        disheveled…. so I’m sorry if I disagree with others expecting unicorns to arrive and spew skittles out their back side on everyone….

      • ErmingtonPlumbingMEMBER

        Well Skip,…if I was a UK citizen, all of those “pertinent facts” would certainly be factors to consider.

        But your,
        “Not to mention the EU said it would not go soft.” is the only reason!,.. one should need, to vote for Brexit.
        Fuck their Neoliberal European Empire project.

        You say above,

        “Currently the State is captured by a ridged Kantian-ish ideology about free markets [neoliberalism] and infers all things are a result of “The State”.

        Maybe if “The State” was more socially democratic and represented the driving concerns of its citizens [not to be confused with consumers] “The State” would not be viewed as being so prone to egregious capitulation to small but powerful groups”

        So what? Your saying the less Democraticly representative transnational instutions of the EU will be a more “socially democratic” and be more representative the driving concerns of its citizens!??

        I don’t understand your logic.

      • EP…

        Sorry but the EU is not the same as the American variant and at the end of the day there are oodles of treaty’s and regulations to contend with outside neoliberal ideology.

      • Skippy

        “..A few pertinent facts, the UK can not feed itself, it has next to zip resources, lower pound means importing is expensive, heaps of Mfg is actually HQ’ed in the EU, due to treaty ramifications lots of people and business with relocate back to the EU and most importantly the UK has a very weak hand in negotiation due to hollowing out the talent in foreign policy due to stocking it with ideological apparatchiks, nepotism, useful idiots, et al…”

        What a load of nonsense.

        The reason the UK does not produce more food, manufactured goods right now etc is that it has been living on unproductive capital inflows – much the same as its former colony down under.

        https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)

        https://en.wikipedia.org/wiki/List_of_countries_by_current_account_balance

        If those inflows of unproductive capital slow the pound will fall and guess what.. just as Australia found in the 1990s ..local production is much more competitive again and the economy shifts backtowards productive investment.

        But then a globalist lover of the banker status quo – i.e. a bloated FIRE sector – like you would find that scary.

        What bit about the US and the UK and Australia throwing their working class and lower middle classes under the bus for the last 40 years, in favour of the FIRE sector, do you not get?

  20. I am coining the term “Australia, no country for young men”..
    The meaning is obvious.. The f*#king old men want to have it all..

    • ErmingtonPlumbingMEMBER

      Well, your post reminds me of that old,.. Old Bull/ Young parable from the Bible.

      “Old Bull and young bull are walking alone in a padock, when they clear a small rise and see below them, 100s of unattended Cows in the adjoining padock.

      Quick! says Young Bull, let’s run down and fuck one Old bull!

      No says Old Bull,…we will walk down,…take our time,… and fuck them all.”

      And so it was, that they did indeed, fuck them all, with even the old and the fat and the ugly cows getting their fair share.

      Its a parable,.. about the old, passing on their wisdom to the young,…through example,…I think.

      • SmartDipStick

        Yours is just an absolute rubbish post … on it’s own … the fact that you credit it to The Bible is just evil.

        Somebody had to tell you this mate … get real…. go waste your time somewhere else.

      • That reminds me of another cattle related parable: Young Mary was leading the cow down the village road. Father John asks her: Where are you taking the cow, Mary?, to which Mary says: I’m taking the cow to the bull, father. And then Father John asks: “But couldn’t your husband do that, Mary?” Mary answers: “Yes, he could, father, but it is better that the bull does it”

    • DarkMatterMEMBER

      Related to the DNC, what do people think about the Seth Rich story? It has been effectively ridiculed and buried in favour of the Russia Hacking stories. Assange suggested Seth Rich was the leaker. It sounds plausible to me, whereas the Russian hacking of the elections just seems to be absurd.

      The power of the media seems to be extraordinary. The Manchester Bombing is less than a week old and it has been washed out of the media already. It stands to reason that there would be a huge backlash in the UK, but you have to dig deep to find it. Lots of human interest stories and brave stoic puff pieces, but not a lot on the obvious conclusion that the authorities have close to zero chance of stopping this. They knew about the guy, but were powerless to do anything. On Friday there was a news article about a UKIP politician calling for the death penalty for suicide bombers. See? – anyone who doesn’t join hands and sing Kumbyaire is a nut job. It’s all good. We will soon get used to being blown up – it’s in a good cause.

      http://redalertpolitics.com/2016/01/29/german-feminist-welcomes-refugees-better-rapists-racists/

      • ErmingtonPlumbingMEMBER

        “it has been washed out of the media already. It stands to reason that there would be a huge backlash in the UK, but you have to dig deep to find it. Lots of human interest stories and brave stoic puff pieces, but not a lot on the obvious conclusion that the authorities have close to zero chance of stopping this”

        Yes it seems like a full politically correct Acquiescence by the media not to go off script,…who decides this script I do not know.

        I too spent some time searching for more than all the “human interest stories and brave stoic puff pieces” but could find little, even the right wing rags were pulling their punches,…like they were ordered to.

        Tin foil hat time for me?

      • Seems like blow back from foreign policy, don’t think a death penalty for suicide bombers is a workable solution….

        disheveled…. where do they find these morons.

      • No need for deep conspiracy theories. The Times reported 23,000 jihadists were currently in the UK. If I had to take a guess, they are sitting on a powderkeg and are terrified of any appearance of “oppression” lest these supposedly lone wolf attacks become part and parcel of living in a big city for real. Much like how they’ve learned the hard way in places like Turkey, Libya, Lebanon, Egypt and Syria.

        The powers that be in the West are happy when salafists are massacring their enemies in the ME, not so keen when they’re massacring the “crusader’s” children.

    • Here’s a good piece on the mindset of the board.

      http://www.espncricinfo.com/magazine/content/story/1098937.html

      “Over that same period of time, which also happens to be the field of experience enjoyed by the nine directors on CA’s independent board, union membership in Australia has dwindled dramatically. Back in 1992, the figure stood at around 40% of the workforce. Earlier this month it was reported to be less than 15% overall, a level reduced still further when public-service organisations were subtracted.

      Corporate Australia, then, has become used to being able to deal from a position of considerable advantage, and the majority of CA directors are drawn from that background. There’s a former Wesfarmers chairman, Bob Every, veteran of numerous battles over the work practices of truck drivers delivering goods for Coles supermarkets. Another director, Jacqui Hey, also sits on the board of Qantas, where in 2011 the entire fleet of aircraft was grounded by the decision to lock out disputing employees. And of course, the CA chairman David Peever, formerly of Rio Tinto, has well circulated views on third-party negotiations in the workplace.

      In that context, the strategy outlined by CA’s board and the tactics employed by CA management make more sense than if viewed simply in isolation. The threat to discontinue existing terms of employment in the event of CA’s pay offer not being accepted as the basis for negotiations comes as part of a similar sequence of events as in other recent episodes in the business world.”

    • Mining BoganMEMBER

      Hope they don’t use their NBN model. They’ll have to put aside ten days to get two days play off a five day test.

    • Government could have a look at Equestrian Australia! hell – a royal commission into that rolling disaster, would be just what the doctor ordered! Mmmm… yes, sireee!

      I wonder how do we get Michael West to do a deep dive on EA… I’m sure he’s going to find some real stinky horse-manure there…

  21. A happy ending for this refugee, bringing an extended family (not refugees themselves) out to Australia but I doubt the true cost is being born 100% by these individuals and I do worry about the kind of expectations that this sets up. Worse still the undertone of the whole article is that the cost is too much and refugees should be able to get the extended family out here more cheaply!! WTF???

    A future for Australia’s refugee program? Private sponsorship costing $100,000

    That faarking journo should spend some time looking at the infrastructure problems in NSW instead of advocating jamming the state even more full of people who are likely to need extensive health care from our already collapsing public health system the minute they arrive.

    What a total c#nt.

    • Those sponsored count as part of the humanitarian intake so it ends up being a cost saving to the tax payer.

      The bigger scam is the international student -> residency -> launder mum and dads money -> sponsor mum and dad -> lifetime welfare + healthcare after qualifying period. This is the reason the average immigrant is 10 years older than average Australian born, and will also be the death of our welfare system.

  22. And as to the private health policies that immigrants take out, news flash: they do not create more capacity in the public system or compensate for the extra impact on ED or operating list waiting times. Actually they are about as effective as laying down squares of toilet paper under the wheels of your 4WD when it gets bogged on a poorly maintained unsealed NSW road in the wet season.

    F#ck me.